Northern Ltd. is a company engaged in manufacture of mobile phones. The name of the company was struck-off on an application under 'simplified exit scheme'. However, subsequently the market conditions became favourable.
CS Professional · Advanced Company Law and Practice · PYQS · June 2015
Northern Ltd. is a company engaged in manufacture of mobile phones. The name of the company was struck-off on an application under 'simplified exit scheme'. However, subsequently the market conditions became favourable. Hence, the shareholders want to revive the company. Will shareholders' plea for restoration be approved by Court?
Answer & Explanation:
The name of a company was struck off on an application under "Simplified Exit Scheme." The shareholders subsequently sought to revive the company because of the favourable market conditions. The court directed restoration of the company's name. [ VI Brij Fiscal Services P. Ltd. v. Registrar of Companies (2010) 155 Com Cases 157 (MP) ]. Therefore, the plea for restoration made by the shareholders of Northern Ltd. shall be approved by the Court.
Topics: Company Administration
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